ITEM 1.01ENTRY INTO A MATERIAL AGREEMENT.
Duesenberg Technologies Ltd. (the "Company'") entered into a consulting
agreement (the "Agreement") dated June 22, 2021, with Veritas Consulting Group
Inc., an arm's length contractor (the "Contractor"). The services to be provided
by the Contractor shall include (1) corporate consulting by way of introductions
to financial relations companies and financial services; (2) communicating with
the Company's existing shareholders; and (3) introduce the Company to various
securities dealers, investment advisors, analysts, funding sources and other
members of the financial community and generally assist the Company in its
efforts to enhance its visibility in the financial community.
The Agreement is for a term of one year and the Company shall pay the Contractor
USD $15,000 per month with each party having the right to terminate upon thirty
days' notice.
ITEM 5.02DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
Effective May 11, 2021, Mr. Ian G Thompson resigned from his position as the
Chief Technical Officer of the Company's major subsidiary, Duesenberg Inc. in
order to pursue other personal and business commitments. Mr. Thompson has
confirmed that he has no disagreement with the Company's management and board of
directors and there is no matter relating to his resignation that needs to be
brought to the attention of the shareholders of the Company.
ITEM 8.01OTHER EVENTS.
Shareholder Arrangement with Veritas Consulting Group Inc.
Mr. Lim Kaishen (the "Shareholder"), a shareholder of the Company entered into a
consulting agreement (the "Shareholder Consulting Agreement") dated June 22,
2021, with the Shareholder engaging the Contractor to provide general business
development consultation services to the Company. The agreement is for one year
with either party having the right to terminate within the first three (3)
months of services provided. The Shareholder shall transfer 150,000 upon signing
the Shareholder Consulting Agreement and another 150,000 shares after three
months of services have been provided. Upon transfer, the shares will remain
restricted under rule 144 and the Company will advise its transfer agent that
tacking of the Shareholder's hold period shall not be permitted. As a result, a
new 144 holding period shall commence. The Company has agreed to reimburse the
Shareholder for the shares he has provided to the Contractor but only after the
services have been rendered to the Company. The shares shall be reimbursed on a
one for one basis. Both the Contractor and the Shareholder have been informed
and have accepted these conditions.
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ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits
Exhibit Number Description of Exhibit
10.1 Consulting Agreement between the Company and Veritas Consulting
Group Inc. dated June 22, 2021.
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